证券研究报告|固收研究报告 [Table_Date] 2026 年 3 月 1 日 [Table_Title] 首批商业不动产 REITs 审核意见出炉 [Table_Title2] 公募 REITs 周速览（2026 年 2 月 24-27 日） [Table_Summary] 本周（2026 年 2 月 24-27 日）中证 REITs 全收益指数收于 1,035.8 点，周度 环比下跌 1.08%，较 1 月末下跌 1.58%。春节前后一周日均换手率分别仅为 0.33%、0.35%，成交仍然较为冷清。截至 2 月 27 日，我国已上市交易的 79 只 REITs 总市值收于 2274 亿元，其中流通市值 1252 亿元。 ►一级市场：商业不动产 REITs 申报数量增至 14 只，速度较快 本周交易所新受理 2 只商业不动产 REITs。截至 2026 年 2 月末，商业不动 产 REITs 申报数量已达 14 只，拟募集规模超 417 亿元，已超过 2025全年基础设 施公募 REITs 的募集规模。 从 2026 年 1 月 29 日首批商业不动产 REITs 申报以来，在 1 个月左右的时间 内， ...

春节前一周（2月9日至2月13日），公募REITs市场回暖，数据中心、消费、能源等板块涨幅靠前。 国信证券数据显示，从主要指数周涨跌幅对比来看，中证转债>沪深300>中证REITs>中证全债。 据Wind数据，已上市的79只公募REITs产品中，环比上涨的大幅增加至60只。涨幅最大的三只产品为工银蒙能清洁能源REIT、中银中外运仓储物流REIT和 华泰南京建邺REIT，周内分别上涨3.47%、3.11%和3%。 行业方面，商业不动产REITs密集上报，最新申报项目已增至12单，两单新项目均为上交所项目。另外，首单IDC公募REITs——南方润泽数据中心REIT拟 扩募，标的为润泽（廊坊）国际信息港A-7、A-8数据中心，与首发资产（国际信息港A-18数据中心）高度可比。 节前二级市场回暖，数据中心、消费、能源REITs涨幅靠前 | 基金简称 | 基金成立日 | 上市日期 | | | --- | --- | --- | --- | | 华安外高桥REIT | | 2024-12-12 2024-12-25 | 刘得 | | 华夏金隅智造工场REIT | 2025-01-23 | 2025-02-26 | 莫- ...

Core Viewpoint - The public fund industry is poised for high-quality development, emphasizing the integration of financial services with national strategies and the needs of investors, while leveraging technological advancements to enhance investment capabilities [1][2][4]. Group 1: Industry Overview - The public fund industry has deeply integrated into the national development framework, focusing on optimizing resource allocation and supporting the transformation of the real economy [1][2]. - The industry has seen significant growth, with the pension fund management scale approaching one trillion, reflecting a commitment to long-term value creation and support for residents' financial well-being [3]. Group 2: Strategic Initiatives - The company is enhancing its investment and research system by focusing on key sectors such as technology, semiconductors, and innovative enterprises, aiming to create a diversified product matrix centered around new quality productivity [2][5]. - The introduction of innovative financial products, including the first domestic science and technology index ETFs and REITs, demonstrates the company's commitment to empowering the technology and digital economy sectors [2][4]. Group 3: Global Expansion - The company is actively expanding its cross-border business, focusing on global asset allocation and enhancing its capabilities in international markets, particularly through the launch of multiple Hong Kong Stock Connect products [4][5]. - The emphasis on high-level financial openness positions the company as a key player in connecting domestic and international markets, facilitating investment opportunities for global investors [4]. Group 4: Future Outlook - The company aims to strengthen its service capabilities in response to national strategic needs, focusing on identifying transformative technological breakthroughs and enhancing its competitive edge in capital markets [5]. - The commitment to improving wealth management services and optimizing product offerings reflects the company's dedication to meeting the evolving needs of investors and ensuring sustainable growth [5].

Core Viewpoint - The company emphasizes its commitment to long-term value creation and its role in supporting the real economy through innovative financial products and services, while adapting to the evolving macroeconomic landscape [3][4][5][6][7] Group 1: Economic Resilience and Industry Role - The Chinese economy has shown strong resilience and maintained a positive long-term trend despite a complex global macro environment [3] - The public fund industry has integrated deeply into the national development framework, focusing on optimizing resource allocation and supporting the transformation of the real economy [4] Group 2: Innovation and Product Development - The company is focused on developing a diversified product matrix centered around new quality productivity, including key sectors like computing power and semiconductors [5] - It has successfully launched several innovative financial products, including the first domestic Sci-Tech Innovation Index ETF and AI Index products, enhancing the capital market's support for the tech industry and digital economy [5] Group 3: Long-term Investment Strategy - The company is addressing the challenges of an aging population by enhancing its pension finance offerings and developing a diversified pension product matrix [6] - It aims to create a virtuous cycle where long-term funds support the capital market, which in turn empowers improvements in people's livelihoods [6] Group 4: Global Expansion and Cross-Border Business - The company is committed to being a pioneer in the high-level opening of the capital market, focusing on global asset allocation and cross-border collaboration [7] - It plans to deepen its cross-border business layout and enhance its capabilities in multi-asset investment research and asset allocation [7] Group 5: Commitment to Investor Interests - The company has implemented a new fee structure to align its interests with those of investors, ensuring shared benefits [6] - It has achieved significant milestones, including over 100 billion in profits and continuous growth in client numbers, reflecting its commitment to investor-centric practices [6]

Core Viewpoint - The public fund industry, represented by Southern Fund, emphasizes its commitment to high-quality development and its role in supporting the national economic strategy while enhancing investor benefits in the new year [1][2][3]. Group 1: Economic Resilience and Innovation - In the past year, China's economy has shown strong resilience amidst a complex global macro environment, with new productive forces emerging and a modern industrial system being steadily constructed [1][2]. - The rise of artificial intelligence and continuous innovation has been highlighted as a key driver for economic growth [1][2]. Group 2: Commitment to Investor Interests - Southern Fund is dedicated to enhancing its business and service systems centered around the best interests of investors, guided by the new "National Nine Articles" and the "Action Plan for Promoting High-Quality Development of Public Funds" [2][3]. - The company has successfully issued the first batch of innovative floating-rate funds in the industry, aligning its interests with those of investors [3][12]. Group 3: Focus on Long-term Value and Pension Management - The company is addressing the long-term trend of an aging population by developing a comprehensive asset management system for pension finance, aiming to reach a management scale of nearly one trillion [3][11]. - Southern Fund is actively guiding long-term capital, such as insurance and pension funds, to invest in equity assets, fostering a positive interaction between long-term funding and capital markets [3][11]. Group 4: Global Integration and Cross-Border Opportunities - The company is committed to being a pioneer in the high-level opening of capital markets, enhancing its cross-border business layout and focusing on global asset allocation [4][13]. - Southern Fund has launched multiple Hong Kong Stock Connect products to improve investment research and asset allocation capabilities across markets and time zones [4][13]. Group 5: Future Strategies and Technological Empowerment - In the new year, the company plans to enhance its ability to serve national strategic industries, focusing on identifying transformative technological breakthroughs [5][14]. - Southern Fund aims to leverage artificial intelligence to upgrade its investment research, market, product, and operational systems, seizing opportunities in the AI era [5][14].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The China Securities REITs Total Return Index closed at 1052 points this week, up 0.47% week - on - week, but the market trading activity declined marginally. The total market capitalization of 78 listed REITs reached 228.7 billion yuan, with a circulating market capitalization of 124.7 billion yuan. The Huaxia Zhonghe Clean Energy REIT will be listed on February 2, 2026 [1][11]. - The first batch of 8 commercial real - estate REITs were accepted by the Shanghai Stock Exchange. With excellent occupancy rates and good locations, they are worthy of attention for their application progress and new - share subscription opportunities [2][20][21]. - In the secondary market, new - type facilities declined by 1.19%, while energy facilities led the gain by 1.54%. It is advisable to focus on hydropower assets with high stability or projects with high guarantee of distributable amounts [5][6][26]. 3. Summary by Relevant Catalogs 3.1 Primary Market: The First Batch of 8 Commercial Real - Estate REITs Accepted - In late 2025, the CSRC officially launched commercial real - estate REITs, focusing on commercial complexes, commercial retail, office, hotels and other commercial assets with clear ownership, mature operation models, and stable cash flows [2][17]. - From January 29 - 30, 2026, the first batch of 8 commercial real - estate REITs were accepted by the SSE. The total proposed fundraising scale is about 31.475 billion yuan, with the largest being CICC Vipshop Commercial Real - Estate REIT (7.47 billion yuan) and the smallest being Huaan Jinjiang Commercial Real - Estate REIT (1.703 billion yuan). The original equity holders include private enterprises, foreign - funded enterprises, Shanghai state - owned enterprises, and central enterprises [2][20]. - The occupancy rates of the first batch of 8 commercial real - estate REITs are excellent, and some are fully occupied. The average occupancy rate of 21 "Jinjiang Metropolo" hotels is about 61.58%. They are mainly located in core cities [3][21]. 3.2 Secondary Market: New - Type Facilities Corrected, Energy Facilities Led the Gain - Except for a 1.19% decline in new - type facilities, other asset types rose slightly, with energy facilities leading the gain at 1.54%, followed by municipal environmental protection (+0.52%) and transportation facilities (+0.41%) [5][26]. - The data center (IDC) sector had a significant pull - back this week. Runze Technology and万国 Data Center declined by 0.40% and 2.67% respectively. The two IDC REITs' dynamic distribution rates are close to the reference value, and opportunities from subsequent asset fluctuations can be monitored [5][29]. - Energy facilities had the largest increase this week. ICBC Inner Mongolia Energy Clean Energy REIT performed well, but it is recommended to give priority to hydropower assets with high stability or projects with high guarantee of distributable amounts due to the large performance fluctuations of energy - related projects in Q4 2025 [6][32][34]. - The industrial park sector rose 0.34% this week. It is recommended to pay attention to park REITs with stable fundamentals, income distribution adjustment mechanisms, and high distribution rates [37]. - The consumption infrastructure sector rose 0.22% this week. With the late Spring Festival this year, the consumption boom continues to support the Q1 performance of each project. Some projects with relatively high distribution rates are worth attention [39][40]. - The trading activity of REITs weakened marginally this week. In terms of sectors, except for municipal environmental protection, the turnover rates of each asset sector declined. Attention can be paid to the trading situation of the consumption sector [42][45][46].

Investment Rating - The report does not provide a specific investment rating for the industry [2] Core Insights - The REITs index experienced a decline of 0.36% this week, while the Shanghai Composite Index fell by 0.57% and the CSI 300 Index decreased by 0.57% [5][15] - The total market capitalization of the industry is approximately 2225.68 billion yuan, with a circulating market value of 1247.05 billion yuan [2] - Recent developments include the submission of several commercial real estate REIT projects, indicating ongoing activity in the sector [7][12] Industry Overview - The report highlights that 78 companies are listed in the REITs sector, with a total market value of 2225.68 billion yuan [2] - The trading volume for the week was 29.3 billion yuan, reflecting a decrease of 17.6% compared to the previous week [41] - The average turnover rate for the week was 0.5%, down by 0.1 percentage points [41] Market Performance - The report notes that 29 REITs increased in value, while 49 decreased, resulting in an overall decline of 0.36% for the REITs market [19] - The largest gain was seen in the Jia Shi Wu Mei Consumption REIT, which rose by 3.59%, while the largest decline was in the Hua Xia Nanjing Expressway REIT, which fell by 4.14% [19] - The correlation between the REITs index and various stock indices is noted, with the highest correlation observed in the warehousing and logistics sector [24] Trading Activity - The report details the trading activity across different sectors, with significant declines in trading volumes for consumption REITs, which fell by 40.5% [41] - Specific sectors such as ecological protection and warehousing logistics showed mixed performance, with ecological protection increasing by 4.3% while warehousing logistics rose by 2.7% [41] Valuation Metrics - The report provides valuation metrics, indicating that the estimated yield for certain REITs ranges from -1.03% to 10.87%, with the highest yield observed in Ping An Guangzhou Guanghe REIT [43] - The P/NAV ratio for the sector varies, with the highest being 1.84 for Jia Shi Wu Mei Consumption REIT and the lowest at 0.72 for Yi Fang Da Guang Kai REIT [43]

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Insights - The C-REITs market has shown resilience, particularly in the consumer REITs segment, which has maintained strong operational metrics despite market fluctuations [3][13] - The overall market capitalization of listed REITs is approximately 228.02 billion, with an average market value of about 2.9 billion per REIT [12] - The report highlights three main investment strategies: focusing on high-quality undervalued projects, recognizing the market's acceptance of weak-cycle assets like affordable housing, and monitoring the expansion of REITs alongside new issuances [3] REITs Index Performance - The CSI REITs total return index increased by 2.17% this week, closing at 1047.5 points, while the CSI REITs index rose by 2.09% to 806.7 points [10][11] - Year-to-date, the CSI REITs total return index has risen by 3.73% [10] Secondary Market Performance - The secondary market for C-REITs has shown an overall upward trend, with a weekly average increase of 2.63% and 68 out of 78 listed REITs experiencing price increases [12] - The data center and municipal water sectors have performed particularly well, while energy and transportation infrastructure REITs have seen smaller gains [12] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs has shown significant differentiation, with the top three being Guangzhou Guanghe REIT (10.8%), China Communications Construction REIT (9.4%), and Guangkai Industrial Park REIT (8.6%) [3] - Price-to-NAV ratios range from 0.7 to 1.9, with the highest being Anbo Warehousing REIT (1.9) and Wumart Consumer REIT (1.8) [3]

Core Viewpoint - The company emphasizes its commitment to high-quality development in the public fund industry, aligning with national strategies and focusing on investor interests as it enters 2026, a year expected to be pivotal for economic breakthroughs and modernization efforts in China [1][10]. Group 1: Economic Context and Industry Role - The year 2025 was highlighted as a critical year for China's economy, showcasing resilience and the emergence of new productive forces amid global uncertainties [1][6]. - The public fund industry is positioned as a vital force in supporting national development, optimizing resource allocation, and safeguarding residents' wealth [1][6]. Group 2: Strategic Initiatives and Innovations - The company is committed to enhancing its investment and research system, focusing on key sectors such as computing power and semiconductors, and has successfully launched various innovative financial products, including the first domestic science and technology index ETFs and REITs [2][7]. - A new fee structure for funds was introduced, aligning the interests of investors and the company, with significant profits and dividends reported in 2025 [3][8]. Group 3: Global Expansion and Cross-Border Initiatives - The company is expanding its global perspective and cross-border business, enhancing its capabilities in overseas asset allocation and launching multiple Hong Kong Stock Connect products [4][9]. - The focus on global asset configuration and cross-border collaboration is seen as essential for connecting domestic and international markets [4][9]. Group 4: Future Outlook and Commitment - Looking ahead to 2026, the company aims to strengthen its ability to identify transformative technologies and enhance its competitiveness in key business areas, including index and pension services [5][10]. - The company reaffirms its dedication to serving the public and contributing to the modernization of China's economy, emphasizing a long-term commitment to investor interests and financial well-being [5][10].

Core Viewpoint - The recent performance of newly listed public REITs has significantly declined, contrasting sharply with the high subscription multiples during their issuance, with some even falling below their issue prices [1][2][4]. Group 1: Market Performance - The overall public REITs market has been sluggish, with trading volume and turnover rates decreasing since August, leading to lower new issuance returns [4][5]. - As of November 10, the CSI REITs total return index has dropped by 5.32% in the second half of the year [2]. - Several newly listed REITs have shown poor performance post-listing, with some experiencing minimal price increases or even declines [3][4]. Group 2: Specific REIT Performance - A software park REIT listed on November 6 opened below its issue price and has remained in a state of decline, closing at 3.596 yuan, below the issue price of 3.66 yuan [2]. - Other newly listed REITs have also struggled, with one only achieving a 3.5% increase over its first seven trading days [3]. Group 3: Market Sentiment and Future Outlook - The sentiment in the REITs market is affected by the performance of underlying assets and the overall market conditions, leading to a "divided" situation in new issuance returns [5][6]. - Analysts suggest focusing on three main lines in the secondary market: stable anti-cyclical sectors, assets with marginal recovery in demand, and those with strong expansion demands from original equity holders [7].